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The UCC is divided into sections known as ________.


A) Articles
B) Divisions
C) Amendments
D) Subsections
E) Clauses

F) A) and B)
G) B) and E)

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Under the UCC,lease contracts requiring payments of ________ or more must be in writing in order to be enforceable.


A) $5,000
B) $1,000
C) $500
D) $100
E) $1,500

F) A) and B)
G) A) and C)

Correct Answer

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verified

All states,except Louisiana,follow ________ common law.


A) Spanish
B) English
C) Italian
D) French
E) German

F) A) and E)
G) A) and D)

Correct Answer

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verified

What did the court in Reilly Foam Corp.v.Rubbermaid Corp.rule in regard to whether a quote is considered an offer under the UCC?


A) That it is well recognized under the UCC that quotes are not considered offers.
B) That it is well recognized under the UCC that quotes are considered offers.
C) That generally quotes are offers but that some price quotes are sufficiently vague to be deemed mere invitations to enter into negotiations or to submit offers.
D) That the UCC does not apply at all to disputes involving quotes because quotes are not goods.
E) That generally quotes are not offers but that some price quotes are sufficiently detailed to be deemed offers.

F) A) and D)
G) All of the above

Correct Answer

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According to Exhibit 21-5 in the text,which terms can be interpreted by the UCC if left open in a contract?


A) Payment,delivery,time,but not price or duration.
B) Time and duration,but not price,payment,or delivery.
C) All terms except price.
D) Delivery,time,and duration,but not price or payment.
E) Price,payment,delivery,time,and duration.

F) C) and E)
G) A) and E)

Correct Answer

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verified

Which article of the UCC governs lease contracts?


A) 6
B) 2A.
C) 4A.
D) 4
E) 2

F) A) and B)
G) B) and E)

Correct Answer

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verified

Which article of the UCC governs sales contracts?


A) 6
B) 4
C) 2
D) 4A.
E) 2A.

F) D) and E)
G) C) and D)

Correct Answer

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verified

How many states have failed to adopt any portion of the UCC?


A) 7
B) 18
C) 4
D) 5
E) 0

F) A) and E)
G) A) and B)

Correct Answer

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verified

Is Morton's contract for PaperCo to purchase his trees covered by the UCC?


A) Yes,but only if Morton sells PaperCo the right to come onto his property and remove the trees.
B) No,because the trees are part of the land and land sales are covered by common law.
C) Yes,but only if PaperCo removes the trees.
D) Yes,because Morton cut them down and then sold them to PaperCo.
E) Yes,because trees are always considered goods.

F) A) and B)
G) A) and C)

Correct Answer

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verified

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